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NLC, Telecoms Union Give MTN Two Weeks to Amend Anti-Labour Practices

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NLC, Telecoms Union Issued MTN Two Weeks to Amend Anti-Labour Practices

The Nigeria Labour Congress in collaboration with the Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) has threatened to embark on two weeks of industrial action if MTN Nigeria failed to amend its anti-labour practices.

According to the union, MTN Nigeria must discontinue with expatriates doing what Nigerians can do. Also, the union accused the telecommunications giant of using Nigerians as mainly casual workers and contract staff, yet overworked them.

The union said “We have called you here to let the world know about the unfortunate events in MTN Nigeria which if not quickly apprehended and mediated may portend great danger to the industrial relations clime within MTN Nigeria. We shall also be using this opportunity to inform the management of MTN of the consequences to industrial peace within its organisation if our demands are not met within 14 Days from this day.

“The Chief Executive Officer of the company whose priority should be organisational growth and sustainability which ought to make workers’ welfare, concerns and grievances paramount has abandoned this vital responsibility. He has rebuffed several calls by the workers and their Union representatives to meet with him on critical issues facing workers in the company.

“MTN practices an unwholesome, insensitive, and discriminatory structure in the emoluments of some categories of workers. Workers on the same job level earn disproportionately. In many cases, members of a team earn more than their team leads and even more than their direct managers,” the union alleged.

It added, “Non-payment of severance benefits at the point of departure of employees after long years of dedicated and uninterrupted services to the company has become a deep frustrating practice to the live long guarantees for workers in MTN.

“The company claims it has not been paying exiting employees severance benefits, hence, it cannot be a matter for negotiation with the union despite the fact that social dialogue demands that all matters without exception concerning workers in the workplace are subject to negotiation.

“The rate at which companies in the telecommunications sector import excessive manpower to the country to do jobs Nigerians are not lacking in competence is alarming. It is becoming pervasive in MTN Nigeria as well.

“We have several expatriates in the company who do exactly what Nigerians do. Most of these expatriates are trained by Nigerians and we still wonder how the permits for these individuals were approved.”

The union warned that if MTN Nigeria failed to comply with its demands or source for another alternative to satisfy their business interest, it would embark on two weeks of industrial action starting from August 24, 2020 to disrupt the company’s operations.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Interswitch is the Most Valuable African Startup

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Interswitch, the leading payment processing company headquartered in Lagos, Nigeria, is Africa’s most valuable start-up at a US$ 1 billion valuation.

Founded in 2002, Interswitch uses switching infrastructure to connect different banks in Nigeria and powered banks’ ATM cards. Presently, the company has over 11,000 ATMs on its network.

In 2010, Helios Investment Partners bought two-thirds of the company and in the following year, Interswitch bought a 60 percent stake in Bankom in Uganda.

Interswitch owns Verve, Nigeria’s most used payment card, and accounted for 18 million of 25 million cards in circulation in Nigeria. The company also owns Quickteller and recently purchased VANSO, a mobile-focused technology provider to banks.

Like Interswitch, Stripe, the company that acquired Nigeria’s Paystack for over US$200 million, is the most valuable startup in the USA at over US$70 billion valuation.

Klarna, Nubank, Paytm and Grab leads in Europe, Latin America, India and Southeast Asia with valuations of US$10.65 billion, US$10 billion, US$16 billion and US$14 billion, respectively.

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E-commerce Black Friday Sales Estimated to Surge by 40% to 10.2 Billion

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The 2020 holiday shopping season will be unique, as the pandemic shifted consumer behavior from retail stores to online shopping. In response, many retailers moved their services online to not miss out on this year’s profits. Atlas VPN team decided to look into how e-commerce sales are set to perform in the upcoming long weekend.

Researchers predict that the US e-commerce revenue will exceed last year’s earnings by 49.5% on Thanksgiving day, totaling $6.18 billion in revenue. Black Friday is calculated to reach $10.2 billion in sales, exceeding last years numbers by 39.4%

Rachel Welch, COO of Atlas VPN, shares her tips on how to stay safe when shopping online during the holiday season:

“Watch out for too-good-to-be-true deals from unknown sellers, as cybercriminals will also expect to turn a profit during the holiday season, even though they are not selling anything, except maybe a bag full of disappointment.”

 Finally, analysis shows that on the last day of the long and full of special offers Thanksgiving weekend, consumers will go all out to bring record sales for e-commerce businesses, adding up to $12.89 billion.

To look at these five days from a wider perspective, e-commerce companies can expect to earn around 39.72% more than they did last year.

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Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales

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Singles Day 2020 was a roaring success, cementing its position as the world’s biggest shopping holiday. Sales across Alibaba’s platforms during the event totaled $74.1 billion, up from $38 billion in 2019.

According to the research data analyzed and published by Stock Apps, within the first 30 minutes of the event, the gross merchandise volume (GMV) surpassed 2019’s full-event sales, reaching $40.87 billion.

Moreover, instead of live events, Alibaba had 400 company executives and 30 celebrities hosting livestreams. Based on a study by Coresight, the Chinese livestream market is set to rack in sales worth $125 billion in 2020, compared to $63 billion in 2019. The US livestream market is a small fraction of that, valued at $5 billion.

China’s Tech Heavyweights Lose $280 Billion in Market Cap

Alibaba Singles Day 2020 dwarfed other major shopping holidays as has been the trend in previous years.

According to Practical eCommerce, Amazon Prime Day 2020 sales totaled $10.4 billion up from $7.16 billion in 2019. Cyber Monday sales in the US amounted to $7.9 billion in 2020 according to Statista. Black Friday and Thanksgiving added $9.7 billion to the figure to make $17.6 billion for the weekend.

Similarly, in 2018, Singles Day sold $30.8 billion while Prime Day sold $4.19 billion and Thanksgiving weekend got $14.2 billion.

However, the 2020 Singles Day event came in the wake of Ant Group’s suspension of a $37 billion listing. The suspension resulted in a $76 billion drop in Alibaba’s market cap, as the tech giant owns a two-thirds stake in Ant Group. Moreover, China’s regulators released anti-trust draft rules prior to the event, aimed at controlling monopolistic behavior.

Following the release, Alibaba shares plunged by 9.8%, as JD.com shed off 9.2%. Tencent similarly saw a 7.39% drop and Xiaomi fell by 8.18%. For the five companies, there was a combined loss of $280 billion in market capitalization.

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